Just as things looked to be turning around for the bulls we see a sharp pull back bring us below the 50 day SMA. The Adam & Eve bottom failed to push us above $7,500 and we are back at $6,650 support. It is also retesting the triangle that we broke out of two days ago.
If we don’t hold here then things could get ugly quick. Short sellers reached a new ATH today that gives me hope for another reversal above $6,600. Not necessarily in the form of a squeeze, but instead from shorts taking profit.
I remain neutral and on the sidelines until getting further confirmation one way or the other.
Happy trading and remember that following is free!
If we don’t hold here then things could get ugly quick. Short sellers reached a new ATH today that gives me hope for another reversal above $6,600. Not necessarily in the form of a squeeze, but instead from shorts taking profit.
I remain neutral and on the sidelines until getting further confirmation one way or the other.
Happy trading and remember that following is free!
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